116                                                   5

   .  ,    
     ,    
.    . -,     
   . -, , , ,  -
        . -
       
      .

   ,        -
   .     
    . , ,  
       121  124  
  7%.  ,      ,
 $100      $121    ,  
$124    .        $121  
,    7%    $129,47 ($121  1,07)  
,     1,0441 ($129,47/$ 124)  .  -
,     4,41% [(1,0441  1)  100%].

        :

(1^)^^                             ^.1)
]

 ф       ;

        ,
NIR    ,
RIR   '.

.^^-^^.:          ^-^^^^                   .-- ^..-,i.i.^^

 (5.1)     :

1+NIR , ,.,

 = 1 + RIR,                             5 >)
\+CCL                                    \J'1'

 CCL      ,  (,  )/ф.
   CCL = 0,02479 = (124 - 121)/121,     -
   2,5%.

         
       
 :

RIR = NIR -CCL,                            (5.3)

  s   .     
  4,5% (7% - 2,5%),       4,41%.

 ,     .  -
          -
   . 13.    ,    -
    ,   -
 ,        